Two decades of malfeasance, mismanagement, and corruption have led to ill-maintained energy infrastructure and a large number of oil spills in Venezuela. Caracas’ reluctance to identify, contain, and clean up Continue Reading
The Biden administration is considering a Chevron Corp (CVX.N) proposal to allow the U.S. oil major to accept and trade Venezuelan oil cargoes to recoup unpaid debt, four people close Continue Reading
Chevron is in talks with the Venezuelan government to gain more control over their joint venture and help Caracas boost oil production. Bloomberg reported that the negotiations are being led Continue Reading
The Treasury Department extended a moratorium on transactions on a bond issued by the U.S. arm of Venezuela’s PDVSA, Citgo, for another year in the latest move to shield the Continue Reading
Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions. Shipments averaged 619,000 barrels a day Continue Reading
Venezuela has reported a significant increase in monthly oil output. The spike in output can be attributed to a range of factors, including the technical assistance and diluent provided by Continue Reading
Highlights Average year crude production slightly below 2020 Production from JVs account for 60% of total production Iranian condensates boost output for third straight month Venezuelan state-owned PDVSA and its Continue Reading
Venezuela says it’s pumping the most oil since harsh U.S. sanctions strangled state-owned oil company Petroleos de Venezuela SA more than two years ago. Not everyone believes it. PDVSA, as Continue Reading
Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra-heavy crude into exportable grades. Continue Reading
A senior U.S. diplomat quietly traveled to Venezuela this week and met with imprisoned Americans in an ongoing effort to secure release of the men the Biden administration believes are Continue Reading
Venezuelan President Nicolas Maduro plans to replace Oil Minister Tareck El Aissami – a key ruling party official who also serves Venezuela’s OPEC representative and board member of the state Continue Reading
U.S. sanctions have a long history of failing to initiate regime change Sanctions from both the Obama and Trump Administrations have failed to have a material impact on Venezuela’s regime Continue Reading
Iran has delivered the fourth cargo of crude oil condensate to Venezuela since the start of this year, Reuters has reported , citing a Venezuelan member of parliament—but the condensate Continue Reading
A cargo of Iranian condensate intended for Venezuela’s state-run oil company, PDVSA, the fourth delivery this year, will discharge in coming days at the country’s main oil port, a Venezuelan Continue Reading
Highlights Recovery of production possible because of imports of diluents from Iran Orinoco Belt output at 420,000 b/d; Monagas fields 130,000 b/d; Zulia-Trujillo 110,000 b/d Sinovensa is operating at 90,000 Continue Reading
The U.S. is leaving Venezuelan operations of Chevron Corp. and top American oil-service companies at a standstill after President Nicolas Maduro’s socialist party came victorious in regional elections questioned by Continue Reading
Record numbers of Venezuelan migrants have been crossing into the United States in recent months, posing a new border challenge for the Biden administration and raising concerns that more of Continue Reading
Venezuela’s President Nicolas Maduro said on Sunday there will be no renewed talks with opposition politicians until “the kidnap” of a prominent government envoy Alex Saab – who was extradited Continue Reading
Venezuela’s broken oil industry is still struggling to boost production, and the new target set by PDVSA of 1 million barrels per day by the end of the year is Continue Reading
Citgo Petroleum Corp, the eighth-largest U.S. oil refiner, reported on Monday its seventh quarterly loss in the last two years and reshuffled its board of directors, naming three new members. Continue Reading
The Cold War lived on in socialist Venezuela, where, since Hugo Chávez courted the Kremlin in the 2000s, the United States and Russia engaged in what was largely a two-way Continue Reading
Venezuela’s state oil company PDVSA halted two key gasoline production units at its Amuay refinery, the country’s largest, after a fire in the area, four sources with knowledge of the Continue Reading
In this Sept. 9, 2021 file photo, pedestrians walk near a poster asking for the freedom of Colombian businessman and Venezuelan special envoy Alex Saab, and that reads in Spanish Continue Reading
The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth-largest U.S. oil refiner, have held talks with U.S. officials in Bogota, Colombia, seeking to Continue Reading
The collapse of Venezuela’s oil industry could lead to significant environmental consequences. Oil spills are likely to increase due to a lack of infrastructure investment and maintenance. A key part Continue Reading
Saab was charged with money laundering in the US One of President Nicolás Maduro’s closest aides has been extradited from Cape Verde to the United States, where he’s been charged Continue Reading
Venezuela’s government has suspended internationally sponsored negotiations with the opposition and revoked the house arrest of six American prisoners after the US extradited a close ally of president Nicolås Maduro Continue Reading
An Iran-flagged supertanker on Saturday was about to set sail from Venezuelan waters carrying 2 million barrels of heavy crude provided by state-run oil firm PDVSA (PDVSA.UL), according to documents Continue Reading
The stench of gasoline burned through Verónica Barboza’s nose as she stood by the edge of Lake Maracaibo, one of the largest lakes in South America, on a recent afternoon. Continue Reading
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from Continue Reading
The United States is giving $247 million in humanitarian aid and $89 million in economic and development aid to Venezuelans, State Department spokesman Ned Price said in a statement on Continue Reading
Since the controversial 1899 decision which set the border between Venezuela and Guyana, Caracas has repeatedly contested the ruling, claiming the 61,000 square miles west of the Essequibo river belongs Continue Reading
OPEC’s secretary general, Mohammad Sanusi Barkindo, visited the Bolivarian Republic of Venezuela at the invitation of its government to celebrate OPEC’s 61st anniversary. OPEC has announced that its secretary general, Continue Reading
Venezuela’s heavy oil project reserves will be left stranded as international players divest their interest, according to GlobalData. Venezuela’s heavy oil project reserves will be left stranded as international players Continue Reading
The United States on Friday extended its protection of Venezuelan-owned U.S. refiner Citgo Petroleum Corp (PDVSAC.UL) from possible seizure by creditors through Jan. 21, 2022, according to a notice on Continue Reading
Venezuela’s near-collapse and strict U.S. sanctions are creating an opportunity for Russia, Iran and China to strengthen their presence in Latin America, a region that for decades has been under Continue Reading
The China National Petroleum Corporation is preparing to return to Venezuela after the Maduro government finalizes legislation seeking to attract more foreign capital to the industry. According to a Bloomberg Continue Reading
Crude output in Venezuela’s key Orinoco oil belt plunged by a quarter to less than 300,000 barrels per day (bpd) in August due to a shortage of diluents needed to Continue Reading
Japanese oil company Inpex Corp sold two Venezuelan oil and gas assets to Caracas-based Sucre Energy Group, three people familiar with the transaction said, as multinational firms retreat from the Continue Reading
Venezuela’s socialist government sees the swap it made last week of shares in a Dominican oil refinery for defaulted bonds as a possible model for future deals, as it seeks Continue Reading
Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, expects to play a “bridge” role in a Venezuelan transition once U.S. sanctions are lifted, and could help Continue Reading
Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, reported this week a net income for the second quarter, its first quarterly profit since the third quarter Continue Reading
Negotiations for Venezuela’s November 2021 regional elections, which are being brokered by Norway, kicked off this week in Mexico. The talks between the authoritarian regime of Nicolas Maduro and opposition Continue Reading
The aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon Continue Reading
Venezuela will remove six zeros from the bolivar in another attempt to save a currency that has been wracked by years of hyperinflation. The central bank said it plans to Continue Reading
Despite a near economic collapse, shattered petroleum industry infrastructure and empty government coffers, Venezuela’s oil minister Tareck El Aissami continues to talk-up the prospects of the OPEC members crude oil Continue Reading
French TotalEnergies and Norwegian Equinor will exit their oil joint venture with PDVSA, Bloomberg has reported , citing unnamed sources familiar with the matter. TotalEnergies held a 30-percent stake in Continue Reading
Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output. A document has Continue Reading
Venezuela’s capital city is once again rationing gasoline after output at state-owned refineries slumped, forcing motorists to endure day-long queues to top off tanks. Shortages have returned to Caracas, prompting Continue Reading
PDVSA is offloading more than a half a million barrels per day of condensate that it has imported in order to blend with its extra heavy crude oil, according to Continue Reading
